— African-American consumers expected to spend the most of all three groups —
New York, NY — Multicultural consumers are expected to drive this year’s increase in holiday spending with African-Americans making up the largest percentage of the increase, according to the 2014 Holiday Sales Forecast released today by Nielsen, a leading global provider of information and insights.
Twenty-two percent of shoppers have already begun shopping compared to 65% of the general population who plan to delay their holiday shopping excursions. While African-Americans, plan to spend more, 70% plan to shop later during this holiday season.
So where are African-Americans shopping? With multicultural households driving this year’s online growth, African-Americans plan to spend 20% more online compared to last year. African-Americans also plan to spend 15% more at electronics retailers and grocery stores this season.
African-Americans’ holiday lists are diverse as well. Electronics including smartphones, TVs and laptops will account for 17% more spending by African-Americans compared to 10% of total households. Other product areas where increased spending is planned include 17% more on food and 15% more on apparel.
African-Americans – at 44 million strong and approximately 14.2% of the country’s population – make up a powerful group with a growing impact on American culture and business. This demographic is largely young—53% are under the age of 35 – giving them an oversized influence on the latest trends, especially with music and pop culture. In addition, higher academic achievement has translated into increases in household income – 44% of all African-American households now earn $50,000 or more and 23% earn above $75,000. And these higher household incomes, coupled with overall population growth, are driving the substantial purchasing power of the African-American consumer, which is expected to reach $1.3 trillion in a few short years.
The 2014 Holiday Sales Forecast insights were derived from two custom studies: a consumer survey of more than 25,000 U.S. households in September 2014 and sales forecasts from an analysis of 92 categories covering five departments representing more than $100 billion in sales.
To read more about this year’s holiday shopping findings, please visit www.nielsen.com.
For more insights on African-American consumers, please visit Nielsen’s microsite for African-American consumers at www.nielsen.com/africanamericans.
Nielsen Holdings N.V. (NYSE: NLSN) is a global information and measurement company with leading market positions in marketing and consumer information, television and other media measurement, online intelligence and mobile measurement. Nielsen has a presence in approximately 100 countries, with headquarters in New York, USA, and Diemen, the Netherlands. For more information, visit www.nielsen.com.
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